AUDUSD under bears’ pressure
AUDUSD Price Analysis – 23 October
If customers are driven enough to go beyond the $0.66 barrier, they could be able to reduce AUDUSD to about $0.65 or possibly $0.64. If buyers are successful in pushing the price above the $0.67 resistance level, prices may rise to the $0.68 and $0.69 resistance levels.
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bearish
On the daily chart, the value of the AUDUSD is declining. The start of a bearish trend for the currency pair was indicated by a sizable bearish candle that emerged on October 1. The bears’ efforts caused the price to fall by $0.67. The price had fallen from the initial projection to $0.66 by the time sales began to fall. The AUDUSD price broke over the barrier at $0.67. The $0.69 barrier remained intact. The market retreated to test the $0.66 support level last week. The current situation supports the bears’ prognosis of a successful slide to $0.66.
A sell forex signal appears when the histogram of the red QQE MOD indicator drops below the zero level. If customers are driven enough to go beyond the $0.66 barrier, they could be able to reduce the price to about $0.65 or possibly $0.64. If buyers are successful in pushing the price above the $0.67 resistance level, prices may rise to the $0.68 and $0.69 resistance levels. The market is deemed bearish when the currency pair clears the Hull Suite forex signals indicator.
AUDUSD medium-term Trend: Bearish
The Australian dollar’s 4-hour chart shows a declining trend. The $0.69 barrier level held back the currency pair’s movement for over a week. Between $0.68 and $0.67 was the pricing range. Last week, as the price started to decline below the dynamic barrier level, more bearish candles burned. On the chart, the 4-hour candle that closed below $0.67 last week looks to be negative. With the removal of the previous barrier to movement, the downward trend may continue.
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